What you’ll learn in this blog
What is accounting automation software and how will it improve the entire process by being useful to each team member.
Love it or hate it, you can not avoid accounting in any business. Accounting firms are doing this on a regular basis. Obviously, they had to! After all, it’s their job!
In an Accounting firm, There are people to perform different tasks starting from bookkeeping to business and financial planning. And then there comes accounting automation… Accounting automation is currently the burning topic of the accounting and finance industry. But first, know what exactly accounting automation is.
What Is Accounting Automation?
It is a process of automating day-to-day clerical and repetitive accounting tasks such as data entries, reconciliation, voucher entries, tax filing, etc with the help of advanced technologies like Artificial Intelligence and Machine Learning.
Third-party software or tools performing all these tasks is known as accounting automation software.
Which Accounting Professionals Can Get Benefits From Accounting Automation?
- Bookkeeping clerk
- Accountants
- Controller
- Accounting Consultant
- Chief Financial Officer (CFO)
- Strategic Planner
In Short, Your Whole Accounting Team!
Yes, It is hard to believe but this is the truth. Many accounting firms have already started adopting accounting automation!
80% of executives believe that AI in accounting automation gives them competitive advantages.
Understand How Automation Can Benefit Your Accounting Team Individually and Collectively!
Let’s start with how accounting automation can help your team individually in their job roles.
1. Chartered Accountants
Daily routine at work for CAs involves duties such as
- Tax Accounting
- Auditing
- Financial Accounting
- Cost Management
- Budget Analysis
What are the Challenges involved in this daily routine?
- CAs have to spend more time preparing and reconciling tax and other financial statements.
- They daily need to review and audit documents prepared by other team members.
- Sometimes these daily clerical tasks take up their whole time and they don’t get enough time for analysis and cost management.
- After all, Reconciling and Auditing are essential to processes which need to execute on a daily basis. This results in compromising the basic planning, management and analysis.
How can Accounting Automation help?
- Data entries can be done directly in tally with the help of third-party software. You just need to upload your data to the accounting automation software.
- These softwares generally offer 100% error-free data entries, so you can save time in correcting data entries and auditing.
- Accounting automation software saves time and reduces errors with the help of its advanced technology.
- Also, automation softwares give you a real-time analysis of your past activities and data,
so you can easily focus on budget analysis and cost management.
2. Bookkeeping Clerk & Data Entry Specialist
Daily Responsibilities
- Data Entries
- Maintaining records of daily transactions
- Reconciling
- Keeping track of sent invoices
- Updating books
What are the Challenges involved in this daily routine?
- Data entries need to be done very carefully. Small errors result in re-do the whole work.
- Errors cause problems in reconciling.
- Like a normal human behaviour, sometimes you can forget to update books or records with any minor changes.
- There is also a possibility that you are not able to track every sent invoice.
How can Accounting Automation help?
- Directly upload your data in the format of .XSL, PDFs, Scanned PDFs in the accounting automation software.
- With the help of advanced data capture methods and machine learning, you can directly do entries in tally.
- No need to update every transaction manually, Accounting automation software will directly update the books/ledgers if needed!
Read More: Automate Bank Statement Entries in Tally - Cash deposits, Withdrawals, Receipts and more.
3. Controller & CFOs
Controllers generally report to CFOs with gathered information and data analysis but for small or medium scaled businesses or CA firms.
Daily Responsibilities
- Maintaining budgets and forecasting
- Analyzing financial statements
- Plan financial models
- Reconciling Income & Expenses
- Cash flow planning
What are the Challenges involved in this daily routine?
- With a poor record and data keeping system, it is hard to analyse all the records.
- Sometimes errored records can drive wrong insights and lead you to make wrong decisions.
- Reconciling statements can take up your major time if these statements are causing any errors.
- Lack of proper technology and innovation in the firm can increase the complexity of analysis and planning tasks.
How can Accounting Automation help?
- CRM integrated accounting automation software gives you real time data analysis of your data and activities over a specific period of time.
- These numbers will help CFOs help better figure out what tasks or business areas they want to focus more on.
Read More: 3 Ways Accounting Automation Can Benefit CFOs
How accounting automation can help your accounting team collectively?
-
Better Communication: Accounting automation tool can be your one stop solution for all the communication with its ability to in-app chat system. Send and receive documents from clients and team members on a single platform.
-
Better Collaboration: Share and manage documents on a single platform. You can also manage access to documents and other features. Having everything at a single accounting automation platform, will eliminate the process of waiting for documents and approvals.
-
Opportunity To Work On Futuristic Approaches: Apart from saving time, cost and efforts, accounting automation can actually spare you time and provide analysis to work on financial planning, analysing and tracking all the past activities and data. So that the whole team can actually focus on future business plans and strategies.
Automation increases productivity and efficiency of your whole accounting team and significantly decreases the business running cost.
So, Choose your accounting automation software wisely and get started with it.
We have the best possible accounting automation solution, Suvit!
Suvit offers an accounting automation solution which will reduce all your clerical and manual tasks without any hurdles.
If you think accounting automation is worth it, then give it a try!
Suvit offers a 7-day free trial, Signup Here!
No Credit Card Required*
